Credo Technology Group Holding Ltd. (NASDAQ:CRDO) Shares Bought by Mutual of America Capital Management LLC

Key Points

• Mutual of America Capital Management LLC has increased its holdings in Credo Technology Group by 20.8%, acquiring an additional 16,664 shares and bringing its total shares to 96,651.
• A number of large institutional investors have also increased their positions or acquired shares in Credo Technology Group, leading to institutional ownership of 80.46% of the company's stock.
• Credo Technology Group has recently reported a significant 179.6% year-over-year increase in revenue for its latest quarter, achieving earnings of $0.35 per share, surpassing estimates.

Mutual of America Capital Management LLC grew its position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 20.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 96,651 shares of the company's stock after purchasing an additional 16,664 shares during the period. Mutual of America Capital Management LLC owned approximately 0.06% of Credo Technology Group worth $3,882,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC increased its holdings in Credo Technology Group by 27.9% in the 1st quarter. Janney Montgomery Scott LLC now owns 6,721 shares of the company's stock valued at $270,000 after acquiring an additional 1,467 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Credo Technology Group in the first quarter worth $27,000. Teacher Retirement System of Texas boosted its holdings in Credo Technology Group by 464.4% during the first quarter. Teacher Retirement System of Texas now owns 34,987 shares of the company's stock worth $1,405,000 after buying an additional 28,788 shares in the last quarter. Cambridge Investment Research Advisors Inc. lifted its holdings in Credo Technology Group by 15.7% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 21,730 shares of the company's stock valued at $873,000 after purchasing an additional 2,947 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Credo Technology Group in the first quarter valued at about $301,000. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Credo Technology Group news, Director Pantas Sutardja sold 1,875 shares of the stock in a transaction on Friday, August 1st. The stock was sold at an average price of $107.00, for a total value of $200,625.00. Following the completion of the sale, the director owned 5,898,652 shares in the company, valued at approximately $631,155,764. This represents a 0.03% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO William Joseph Brennan sold 46,444 shares of the stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $106.87, for a total transaction of $4,963,470.28. Following the transaction, the chief executive officer directly owned 393,338 shares of the company's stock, valued at $42,036,032.06. This trade represents a 10.56% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,274,583 shares of company stock valued at $113,118,257. Company insiders own 16.04% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on CRDO. Cowen reiterated a "buy" rating on shares of Credo Technology Group in a report on Tuesday, June 3rd. Noble Financial raised Credo Technology Group to a "strong-buy" rating in a report on Tuesday, June 3rd. TD Cowen lifted their target price on Credo Technology Group from $85.00 to $95.00 and gave the company a "buy" rating in a research note on Wednesday, June 18th. Mizuho upped their price target on Credo Technology Group from $81.00 to $98.00 and gave the stock an "outperform" rating in a report on Thursday, July 3rd. Finally, Barclays set a $85.00 price target on Credo Technology Group and gave the company an "overweight" rating in a research report on Tuesday, June 3rd. One equities research analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Credo Technology Group presently has an average rating of "Buy" and a consensus price target of $87.91.

Credo Technology Group Stock Performance

NASDAQ:CRDO traded up $0.63 during trading hours on Friday, reaching $120.41. The stock had a trading volume of 2,917,546 shares, compared to its average volume of 4,315,384. The stock has a 50 day simple moving average of $92.86 and a 200 day simple moving average of $66.97. Credo Technology Group Holding Ltd. has a 12-month low of $24.08 and a 12-month high of $121.50. The stock has a market cap of $20.67 billion, a P/E ratio of 445.96, a price-to-earnings-growth ratio of 2.16 and a beta of 2.59.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its quarterly earnings results on Monday, June 2nd. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.08. Credo Technology Group had a return on equity of 8.77% and a net margin of 11.95%. The firm had revenue of $170.00 million during the quarter, compared to analyst estimates of $159.59 million. During the same quarter in the previous year, the company posted $0.07 earnings per share. The company's revenue was up 179.6% compared to the same quarter last year. On average, equities analysts expect that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Credo Technology Group Profile

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, Mainland China, Hong Kong, and internationally. Its products include HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP, as well as integrated circuits, active electrical cables.